CBSE Class 11-commerce Answered

Accounting standards are written statements containing set of rules and guidelines which are issued periodically by the accounting professional for drawing the financial statements. It is being revised time to time as per the changes in the business environment. It brings uniformity in accounting practices to ensure consistency and comparability of financial statements. It provides flexibility to an enterprise for adopting alternative accounting practice. It is reliable, and hence there is a level of confidence among the users.